When will it be time to pile into BP shares?

[TimberWolf]

BP has resumed collecting oil from its Gulf of Mexico leaking well after an accident left oil gushing largely unchecked.
Oil spill: BP resumes siphon after accident - Telegraph

Nothing too dramatic happened to the share price, although they have plumbed new depths.

[MrRobin]

Interesting, MF. Can you verify that rule about funds can't hold non divi-paying shares? People on iii talk a lot of tulip, even more than here!

Also, I expect many of them already bailed out before the divi suspension was announced, that's why the sp has dropped so significantly already.

Shares are plummetting again this morning, no new news out to explain why though.

[TimberWolf]

Interesting, MF. Can you verify that rule about funds can't hold non divi-paying shares? People on iii talk a lot of tulip, even more than here!

Also, I expect many of them already bailed out before the divi suspension was announced, that's why the sp has dropped so significantly already.

Shares are plummetting again this morning, no new news out to explain why though.

Ouch, 5% down. 309p

Perhaps this: BP's oil spill bill climbs to $2.35bn | Business | guardian.co.uk

[TimberWolf]

Over 8% down today now, 298.5p

[TimberWolf]

tulipe! I bought £5k worth at £3.02 gambling on a bounce for the day.

I'm only gambling with pretend money, but even with pretend money I haven't bought any yet.

[doodab]

I am assuming a closing of open shorts today and was looking for a quick 3 or4% on the day.

Open shorts? A quick in and out? What sort of trade are you talking about?

[MrRobin]

Open shorts? A quick in and out? What sort of trade are you talking about?

He means people who have been shorting BP will be closing their positions by buying shares and therefore driving the price up.

Price now 304p

[suityou01]

Trying to day trade it. If the share is heavily shorted the price is forced down. Those shorting the stock will need to close their position out, hence buying back in, and hence pushing the price back up.

The trick is to guess where the low point is.

Now of course if the price keeps falling, then the shorts increase. If there is a rally, the shorter loses.

Bounce you bastard!

Isn't it normally a 10% upwards swing and all the "amateur traders" close their short positions then those with bigger risk appetite clean up when it swings back down even heavier?

[doodab]

Open shorts? A quick in and out? What sort of trade are you talking about?

Has this really gone that far over your heads?

Fuggedaboutit.

[MrRobin]

Has this really gone that far over your heads?

Fuggedaboutit.

Reading your post again, yes it did go way over my head. Slow Friday, sorry.